Arkansas' main public pension fund is set to jump into hedge funds for the first time.

The $4.7 billion Arkansas Public Employees Retirement System, heretofore extremely reluctant to move into the hedge fund space, voted in April to hire a fund of hedge funds, HFMWeek reports. The pension is now searching for a manager to handle a $100 million mandate.

The change of heart follows a February board meeting, at which APERS' executive director and Grosvenor Capital Management sought to demonstrate the value of hedge funds to the pension's portfolio.

Hedge funds "could mitigate much of the volatility currently found in the APERS portfolio without adding any risk," executive director Gail Stone said.

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The testimony of former FBI Director James Comey came and went with more hype than harm to Donald Trump’s administration. The more important issue is whether Congress spent too much political capital to get comprehensive tax reform done by the end of 2017. The likelihood of significant policy changes is fleeting for the year. Some economists are even losing hope that tax reform will be completed by the midterm elections of 2018.